Mortgages plc is currently owned by Nikko Principal Investments Limited, which has entered into a period of exclusivity prior to the completion of the sale.
Mortgages plc acquired Genesis earlier this year and will also be included in the sale when a transaction is finalised. The sale negotiations will not have an impact on Genesis or its network proposition, which has continued to gather momentum in recent weeks.
Barry Robson, managing director at Genesis, commented: “Brokers recognise that successful networks need strong financial backing. Genesis already has the support of the Mortgages plc Group and Nikko Principal Investments, but a sale to a global financial institution will underline and enforce the strength of our backing. This has to be good news for everyone.
“Genesis has developed a strong relationship with Mortgages plc and Nikko since our acquisition in February of this year. We have always been aware of the nature of Nikko’s involvement and anticipated that the ownership structure of the group would change at some stage. Since our acquisition, Genesis has remained an independent business and, as far as Genesis is concerned, this situation will continue.
“We remain firmly focused on building a comprehensive network of appointed representatives in the build up to Mortgage Day. The Genesis proposition remains one of the most competitive in the marketplace and this announcement simply highlights the significant amount of interest in mortgage distribution during 2004.”
